DEBT OBLIGATIONS

12 Months Ended

Sep. 30, 2016

Debt obligations consist of the following (dollars in thousands):



	September 30,
	2016			2015
Mortgages payable	$	621,382		$	475,312
Junior subordinated notes	37,400			37,400
Deferred mortgage costs	(6,275		)	(5,327		)
Total debt obligations	$	652,507		$	507,385

Mortgage Payable

At September 30, 2016, $621,382,000 of mortgage debt (including $27,052,000 classified as held for sale) is outstanding on the Trust's 33 multi-family properties and one commercial property with a weighted average interest rate of 3.98% and a weighted average remaining term to maturity of seven years. Scheduled principal repayments for the next five years and thereafter are as follows (dollars in thousands):



Year Ending September 30,	Scheduled Principal Payments
2017	$	5,649
2018	6,828
2019	127,067
2020	32,431
2021	46,683
Thereafter	402,724
	$	621,382

During the twelve months ended September 30, 2016, the Trust incurred the following fixed rate mortgage debt in connection with the following acquisitions (dollars in thousands):

Location

Closing Date

Acquisition Mortgage Debt

Interest Rate

Interest only period

Maturity Date

LaGrange, GA

11/18/15

16,051

4.36%

February 2022

Katy,TX

1/22/16

30,750

4.44%

60 months

February 2026

Macon,GA

2/01/16

11,200

4.39%

24 months

February 2026

Southaven, MS

2/29/16

28,000

4.24%

60 months

March 2026

San Antonio, TX (1)

5/06/16

26,400

3.61%

23 months

May 2023

Dallas,TX

5/11/16

27,938

4.01%

24 months

May 2028

Columbia,SC

5/31/16

12,934

4.28%

36 months

June 2026

Atlanta, GA

8/15/16

27,375

3.97%

36 months

August 2026

Southaven,MS

9/01/16

30,564

3.73%

60 months

September 2026

San Antonio, TX (1)

9/16/16

27,000

4.05%

36 months

September 2026

238,212

(1) Debt is fixed rate by use of an interest rate swap.

During the twelve months ended September 30, 2016, the Trust obtained supplemental fixed rate financing as set forth in the table below (dollars in thousands):



Location	Closing Date	Supplemental Mortgage Debt		Interest Rate	Maturity Date
Pensacola, FL	10/13/15	$	3,194	4.92%	March 2022
Atlanta, GA	11/10/15	5,000		4.93%	July 2021
Houston, TX	2/09/16	3,865		4.94%	August 2021
Huntsville,AL	4/15/16	2,650		5.29%	November 2023
		$	14,709

Junior Subordinated Notes

At September 30, 2016 and 2015 the Trust's junior subordinated notes had an outstanding principal balance of $37,400,000. At September 30, 2016, the interest rate on the outstanding balance is three month LIBOR +2.00% or 2.76%.

The junior subordinated notes require interest only payments through the maturity date, at which time repayment of all outstanding principal and interest is due. Interest expense for each of the years ended September 30, 2016, 2015 and 2014, which includes amortization of deferred costs, was $1,510,000, $1,853,000 and $1,853,000, respectively.